The three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, cyclically unemployed. Unemployment Type Structural Frictional Cyclical Ginny just graduated from college and is looking for a full-time position with an investment banking firm. Eric left his job as a plumber when his wife took a position in another region. The quantity of plumbing services demanded is considerably lower in the new region, in part because of high union-negotiated wages. He would like to work at the high union wage but remains unemployed due to a lack of plumbing jobs. A recent recession has reduced the number of visitors to a local theme park. The park has had to lay off many of its employees, including Lucia. The following table shows data on frictional, cyclical, structural, and total unemployment for an economy. Rate Unemployment Type (Percent) Frictional 3.2 Cyclical 0.0 Structural 1.1 Total unemployment 4.3 True or False: This economy is currently at its natural rate of unemployment. O True O False

The three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, cyclically unemployed. Unemployment Type Structural Frictional Cyclical Ginny just graduated from college and is looking for a full-time position with an investment banking firm. Eric left his job as a plumber when his wife took a position in another region. The quantity of plumbing services demanded is considerably lower in the new region, in part because of high union-negotiated wages. He would like to work at the high union wage but remains unemployed due to a lack of plumbing jobs. A recent recession has reduced the number of visitors to a local theme park. The park has had to lay off many of its employees, including Lucia. The following table shows data on frictional, cyclical, structural, and total unemployment for an economy. Rate Unemployment Type (Percent) Frictional 3.2 Cyclical 0.0 Structural 1.1 Total unemployment 4.3 True or False: This economy is currently at its natural rate of unemployment. O True O False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose a technological breakthrough leads domestic manufacturers to decrease the number of workers employed. These unemployed workers are considered to be: cyclically unemployed. frictionally unemployed. structurally unemployed. temporarily laid off and therefore not unemployed.
A man who retired becomes bored with retirement and begins to look for a job. During the time he is searching for work he would be classified as A) cyclically unemployed. B) structurally unemployed. C) frictionally unemployed. D) not unemployed because he was not working before he started looking for a job.
1. Dave Grohl wants to buy drums and guitars. Drums are sold in an unusual way. There is only one supplier, and the more drums you buy from him, the higher the price you have to pay per unit. In fact, y units of drums will cost Dave y² dollars. Guitars are sold in the usual way at a price of 2 dollars per unit. Dave's income is 20 dollars, and his utility function is U (x,y) = x+2y, where x is his consumption of guitars and y is his consumption of drums. A. Sketch Dave's budget set and shade its in. B. Sketch some of his indifference curves and label the point that he chooses. C. Calculate the number of drums and guitars that Dave demands at these prices and this income.
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Question 1
Suppose the number of employed people in Pakistan is 20.5 million. The unemployment rate in this economy is 8.8 percent, and the labor force participation rate is 65 percent. What is the size of the labor force and working-age population? How many people are unemployed? Explain and analyze different government policies which affect the unemployment rate in Pakistan? ( Maximum 200 words). Before June 2020, the labor market in Pakistan was at equilibrium with an equilibrium wage (WE) of Rs. 15,000 and equilibrium quantity of labor (LE) 10 million. In the last week of June, 2020, government of Pakistan imposed a minimum wage Act raising the minimum wage to Rs. 20,000. Using a graph, explain the effect of imposition of minimum wage on unemployment in labor market of Pakistan .
In August of 2020, the United States unemployment rate was 8.4%; in September, it was 7.8%. Which of the following is true? There is a 7.7% decrease in the United States unemployment rate from August to September, 2020. There is a 0.077 percentage point decrease in the United States unemployment rate from August to September, 2020. There was a 0.071 percentage point decrease in the United States unemployment rate from August to September, 2020. There was a 0.6% decrease in the United States unemployment rate from August to September, 2020. There was a 7.1% decrease in the United States unemployment rate from August to September, 2020.
If a worker is employed throughout the holiday season but remains unemployed for the rest of the year, then what category of unemployed persons would this individual fat into? Frictionally unemployed Structurally unemployed Cyclically unemployed Seasonally unemployed
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